Yatra Online Inc (YTRA) 2025 Q2 法說會逐字稿

(Technical difficulty)

（技術難度）

Integrating N DC ensures that the corporate travelers on our platform have access to the wider array of choice and a streamlined booking experience. This integration not only supports cost efficiency but also empowers businesses with smarter more informed decision making.

整合 N DC 可確保我們平台上的商務旅客能夠獲得更廣泛的選擇和簡化的預訂體驗。這種整合不僅支持提高成本效率，而且還使企業能夠做出更明智的決策。

This milestone reinforces the AA'S commitment to innovation and leadership in the corporate travel management space.

這一里程碑鞏固了 AA 在商務旅行管理領域創新和領導地位的承諾。

Moving on to A B two C segment.

繼續進行 A B 兩 C 段。

The B two C business continues to pay direct competition from some of the domestic air suppliers who differentiate pricing on their websites and apps. However, despite this competition on the B two C Air Front, we have managed to stabilize the volumes and have focused on improving operating performance. We've seen the benefit of this flow through in the month of September and October and expect the same to continue in Q3 as well.

B2C 業務繼續面臨來自部分國內航空供應商的直接競爭，這些供應商在其網站和應用程式上實行差別定價。然而，儘管 B2C 空軍陣線競爭激烈，我們仍然成功穩定了運力，並致力於提高營運績效。我們已經在九月和十月看到了這種流動的好處，並預計這種趨勢在第三季也將繼續下去。

Our brand YPA dotcom continues to have strong brand recall which has in a relatively short period of time enabled us to offset the impact of these industry headwinds.

我們的品牌 YPA dotcom 繼續擁有強大的品牌回憶率，這使我們能夠在相對較短的時間內抵消這些行業逆風的影響。

In addition, we continue to make strong inroads on selling personal travel to the employees of our corporate customers and the attached rate of personal travel was up almost 20% in the same quarter. Last year.

此外，我們繼續大力推廣企業客戶員工的個人旅行，同一季度個人旅行的附加率上漲了近 20%。去年。

This channel continues to remain a very cost effective channel for customer acquisition for us.

對我們來說，這個管道仍然是一個非常有效的客戶獲取管道。

Towards the end of September, we have also launched a revamp user experience on our website and mobile apps for Android and IOS. And the initial response to conversion optimization on the new platform is very encouraging.

九月底，我們也在我們的網站和 Android 和 IOS 行動應用程式上推出了改進的用戶體驗。新平台對轉換率優化的初步反應非常令人鼓舞。

Looking forward at the micro environment in the September quarter, India's corporate travel sector experienced significant growth reflecting the country's robust economic performance and evolving business dynamics. The Reserve Bank of India's economic outlook during this period further underscores the nation's economic resilience and growth prospects.

展望九月季度的微觀環境，印度商務旅行產業經歷顯著成長，反映出該國強勁的經濟表現和不斷變化的商業動態。印度儲備銀行在此期間的經濟展望進一步凸顯了該國經濟的復原力和成長前景。

India's corporate travel market is undergoing a transformative phase driven by new work models and technology innovation.

印度的商務旅行市場正在經歷由新的工作模式和技術創新推動的轉型階段。

A recent Deloitte report highlights that innovation in corporate travel is key to enhancing employee experience and optimizing cost.

德勤最近的一份報告強調，商務差旅創新是提升員工體驗和優化成本的關鍵。

The my segment has also been a significant contributor to this group. Companies are increasingly investing in my activities to foster team cohesion, engage clients and drive business development.

我的部門也為該團體做出了重要貢獻。公司越來越多地投資我的活動，以促進團隊凝聚力、吸引客戶並推動業務發展。

This trend has led to a surge in demand for hotels, conferencing facilities and related services.

這一趨勢導致對酒店、會議設施和相關服務的需求激增。

Technology advancements have played a pivotal role in reshaping corporate travel. The adoption of tech enabled personalized and sustainable solutions is driving the corporate travel landscape in India.

科技進步在重塑商務旅行方面發揮了關鍵作用。採用技術支援的個人化和永續解決方案正在推動印度商務旅行格局的發展。

Companies are leveraging digital platforms for travel, booking expense management and real time itinerary adjustments, enhancing efficiency and traveler satisfaction.

該公司正在利用數位平台進行旅行、預訂費用管理和即時行程調整，從而提高效率和旅客滿意度。

The rbi's economic outlook for the September quarter reflects the positive trajectory for India's economy domestically The RBI has maintained a favorable growth forecast at 7.2% for fiscal year '25.

印度儲備銀行對9月季度的經濟展望反映了印度國內經濟的積極走勢。

The robust performance of the corporate travel sector is both a contributor and a beneficiary of India's positive economic outlook.

商務旅行產業的強勁表現既是印度樂觀經濟前景的貢獻者，也是受益者。

As businesses expand and engage in more face to face interactions. The demand for corporate travel services increases, stimulating growth and related industries such as hospitality, aviation and event management, a stable and growing economy as indicated by the RBAS outlook provides the confidence and financial capabilities for businesses to invest in corporate travel.

隨著業務的擴展和麵對面互動的增多。商務旅行服務的需求不斷增長，刺激了酒店、航空和活動管理等相關行業的成長。

The central bank's policies aimed at maintaining inflation within target range and supporting growth, create a conducive environment for corporate activities including travel while the challenges remain in the B two C segment. We are highly encouraged by the strong momentum we are experiencing in our corporate travel business alongside the value creation expected from the global acquisition and the growth in our life segment.

央行的政策旨在將通膨維持在目標範圍內並支持成長，為包括旅遊在內的企業活動創造有利環境，但B2C領域仍面臨挑戰。我們的商務旅行業務呈現強勁發展勢頭，全球收購和生活服務業務的成長也有望創造價值，這讓我們備受鼓舞。

The addition of new corporate accounts and the development in our business exemplify our commitment to delivering long term value for stakeholders. We will continue refining as initiatives to maintain our leadership in the corporate sector and are simultaneously exploring ways to increase our share in the direct to consumer market.

新公司帳戶的增加和業務的發展體現了我們致力於為利害關係人提供長期價值的承諾。我們將繼續改善舉措，保持我們在企業領域的領導地位，同時探索增加我們在直接面向消費者的市場份額的方法。

With that. I'll hand the call over to Rohan who will provide a more detailed breakdown of our financial performance. Rohan.

就這樣。我將把電話交給羅漢，他將更詳細地介紹我們的財務表現。羅汗。

Thank you, Dhruv Shringi

謝謝你，Dhruv Shringi

Thank you for joining. I will now review our financial performance for the quarter ended September 30th 2024 for this quarter, our gross bookings remained largely stable year over year at INR17.7 billion, which is roughly USD210 million while our overall ROSS bookings stayed steady. This was the result of different performance across our business segments, reflecting shifts in the air and hospitality market.

感謝您的加入。我現在將回顧本季截至 2024 年 9 月 30 日的財務業績，我們的總預訂量比基本保持穩定，為 177 億印度盧比，約合 2.1 億美元，而我們的整體 ROSS 預訂量保持穩定。這是我們各業務部門表現不同的結果，反映了航空和酒店市場的變化。

Air gross bookings fell by 10% year over year to INR13.3 billion which is roughly USD158 million for the quarter.

本季航空總預訂量年減 10% 至 133 億印度盧比，約 1.58 億美元。

The decline is due to the aforementioned challenge in the B two C segment.

下滑的原因在於前文提到的 B2C 細分市場面臨的挑戰。

However, we continue to focus on optimizing our operations and improving margins through cost efficiencies and targeted initiatives.

然而，我們將繼續致力於透過提高成本效率和有針對性的措施來優化我們的營運並提高利潤率。

On the other hand, our hotel and package segment saw a robust group with gross bookings increasing by 68% year over year to INR3.7 billion, which is roughly USD44 million.

另一方面，我們的飯店和套餐部門表現強勁，總預訂額年增 68%，達到 37 億印度盧比，約 4,400 萬美元。

This was on account of strong performance as well as my business performance.

這是因為我的業績出色，而且業務表現也很好。

Our overall adjusted margin for the quarter was a time of $1.4 billion.

本季我們整體調整後的利潤率為 14 億美元。

Our margin percentage for air ticketing business was at 7% and 11% for the hotel and packages business.

我們的航空機票業務的利潤率為 7%，飯店及套餐業務的利潤率為 11%。

Moving on to expenses as a percentage of total gross booking value, marketing and sales promotion expenses including consumer promotion and loyalty program cost decreased by 18% year on year to INR6 79 million, which is a USD 8.1 million.

以總預訂價值的百分比計算，行銷和促銷費用（包括消費者促銷和忠誠度計畫成本）年減 18% 至 6.79 億印度盧比，即 810 萬美元。

Our personal expenses excluding share share based payments increased by 20% year on year. And as we continue to invest in talent, which will, which allows us to build our mid market. My visa and expense management businesses.

我們不包括股票份額支付的個人支出年增了20%。隨著我們繼續對人才進行投資，這將使我們能夠建立中端市場。我的簽證和費用管理業務。

This also includes the partial impact of annual appraisal.

這其中也包括年度考核的部分影響。

Our other operating expenses have increased by 15% compared to the year ago quarter.

我們的其他營運費用與去年同期相比增加了 15%。

This is mostly due to certain one off expenses which are related to the recent acquisition on an overall basis. Our registered EBITDA was INR66.7 million, which is of USDA little short of USD 1 million this reflects an increase of 91% on year on year basis.

這主要是由於與最近的整體收購相關的某些一次性開支。我們的註冊 EBITDA 為 6,670 萬印度盧比，比美國農業部預期的 100 萬美元略低，年成長 91%。

Lastly, as of 30th of September, we were carrying balance of cash, cash equivalents and term deposits on our books of INR2.2 billion, which is roughly USD26 million.

最後，截至 9 月 30 日，我們的帳面現金、現金等價物和定期存款餘額為 22 億印度盧比，約 2,600 萬美元。

Our growth rate as of 30th, September was a INR277 million which is a few years to USD3.3 million.

截至 9 月 30 日，我們的成長率為 2.77 億印度盧比，幾年內就達到 330 萬美元。

With this, we conclude after 30 months and I'd like to hand it over to the moderator for the Q. And thank you.

至此，我們在 30 個月後結束了討論，我想將問題交給主持人。

(operator Instructions)

（操作員指示）

Our first question comes from Scott Buck with HC Wainwright. Scott. Your line is now open. Please go ahead.

我們的第一個問題來自 HC Wainwright 的 Scott Buck。斯科特。您的線路現已開通。請繼續。

Hello guys. Thanks for taking my questions. First one, Drew. I was hoping you could provide maybe a little bit of color on the integration process with global India. And when do you think you'll be able to start doing some of that cross Selling?

大家好。感謝您回答我的問題。第一個，德魯。我希望您能對印度與全球一體化進程提供一些介紹。您認為什麼時候可以開始進行交叉銷售？

Sure, good morning Scott. So Scott, in terms of the integration process, there are two steps to the integration process. The way we are looking at it, one is in terms of integration of the supply and those steps have already been taken.

當然，早上好，史考特。所以斯科特，就整合過程而言，整合過程分為兩個步驟。我們的看法是，一是從供應整合的角度來考慮，這些步驟已經採取了。

So we will see the benefit of that accruing in the quarter. You know, starting now, the other part of the integration is the cost optimization and the cost which is dependent on implementation of the technology platform to build customers. We would expect that to start kicking in from the early part of January.

因此我們將在本季看到這一累積帶來的好處。您知道，從現在開始，整合的另一部分是成本優化，而成本依賴實施技術平台來建立客戶。我們預計這一現象將從 1 月初開始顯現。

So we'll see more effect of that coming in starting the fourth quarter because at this point of time, the technology team is working with the globe team in terms of implementing our solution for growth.

因此，我們將在第四季度開始看到更多影響，因為此時，技術團隊正在與全球團隊合作實施我們的成長解決方案。

Great that's helpful. And then I was hoping you give us some indication of where you're seeing the most opportunities in in mice and and how we should think about that as a growth opportunity over the next 24 months or so.

很好，很有幫助。然後我希望您能告訴我們，您認為小鼠領域中最大的機會在哪裡，以及我們應該如何將其視為未來 24 個月左右的成長機會。

What we are seeing is that within our existing customer base itself, there is a significant amount of opportunity to cross sell and globe also brings with it a large expertise, right, in terms of doing this, one of the market leaders.

我們看到，在我們現有的客戶群中，存在大量交叉銷售的機會，而環球公司也擁有豐富的專業知識，就此而言，我們是市場領導者之一。

So the combination of what's been doing plus our organic efforts over the course of the last six months make us a really compelling and you know, a real force in the market. When it comes to mice, I would continue to see mice growing at double digit rate in terms of like 20 25% from the base that we established in the current year for the next 2 to 3 years at least.

所以，我們在過去六個月所做的努力加上自身的努力，使我們成為了市場上一股真正引人注目的力量。就老鼠而言，我認為至少在未來 2 到 3 年內，老鼠數量將繼續以兩位數的速度增長，例如在今年建立的基礎上增長 20 到 25％。

Right. So our endeavor would be to see that the combined run rate that we have in the fourth quarter of this fiscal year is double within the next three years when it comes to mind.

正確的。因此，我們的努力是確保本財年第四季的綜合營運率在未來三年內翻倍。

And that I think is easily achievable if we continue to focus on cross selling to our existing customer base, our penetration of mice today is extremely small when it comes to the size of the customer base that we currently manage.

我認為，如果我們繼續專注於向現有客戶群進行交叉銷售，這一點很容易實現，就我們目前管理的客戶群規模而言，我們目前的滑鼠滲透率極小。

So there's a lot of opportunity there.

因此那裡有很多機會。

Great. That's, that's really helpful color. And then last one, can you just remind us what's driving the price competition on the B two C business?

偉大的。那，那真的是很有用的顏色。最後一個問題，您能否提醒我們 B2C 業務中價格競爭的推動因素是什麼？

And I think you kind of touched on it in the, in the prepared remarks. But how long do you, think this lasts.

我認為您在準備好的發言中已經提到了這一點。但您認為這種情況會持續多久？

On the B two C side? This process actually got initiated by one of the largest airlines in the country on it. You know, they started piloting this back in January of the current year.

在 B 和 C 一側？這一進程實際上是由該國最大的航空公司之一發起的。您知道，他們從今年一月就開始試行這項計畫。

So it's been already 11 months that they've been doing this and they've only scaled up what they've been doing. I think this is likely to stay.

他們已經這樣做了 11 個月，並且還在擴大他們的工作規模。我認為這種情況很可能會持續下去。

And I think from our perspective, we have to keep finding opportunities to add more value to the customer, to cross selling things like hotels, car rental insurance, etc. And look at flights more as a means of customer acquisition rather than as a means of driving profitability.

我認為從我們的角度來看，我們必須不斷尋找機會為客戶增加更多價值，交叉銷售酒店、汽車租賃保險等產品。

Great, that's helpful. I appreciate the time Dheuv Thank you very much.

很好，很有幫助。我很感謝 Dheuv 抽出時間，非常感謝。

Sure sir. My pleasure.

當然可以，先生。我的榮幸。

Thank you.

謝謝。

Mahu Ramesh Mahu.

瑪胡·拉梅什·瑪胡。

Good morning. I just wanted to check what is the status of fungibility between the US and the Indian stocks? What is the update on that?

早安.我只是想檢查一下美國和印度股票之間的可互換性狀況如何？最新進展如何？

And then the second question is I understand, right?

那麼第二個問題我明白了，對嗎？

The fourth or third quarter of this year is the peak quarter for you. So how do you see that evolving so far? Thank you.

今年第四季或第三季是您的高峰季度。那麼您認為目前的發展如何？謝謝。

So, on the tility, we're working with the regulators and our legal team is interacting with them regularly to work out the modalities of collapsing the structure and simplifying the process.

因此，在功能上，我們正​​在與監管機構合作，我們的法律團隊正在與他們定期互動，以建立簡化結構和流程的方式。

But that's currently work in progress with the regulators and we are making good progress on that, but given that there are multiple jurisdictions and regulators involved in that process, it would be a slightly time consuming exercise though all our efforts are to try and expedite that as much as possible. But that's one of the key priority areas for us.

但目前正在與監管機構合作進行這項工作，並且取得了良好的進展，但考慮到該過程涉及多個司法管轄區和監管機構，這將是一個稍微耗時的過程，儘管我們盡一切努力盡可能加快這一進程。但這是我們的重點關注領域之一。

Our board, if you recall back in July had set up a steering committee as well with some of the board members on that committee. So we are all actively pursuing that with the regulators in different jurisdictions in terms of your second question, which is with regards to the time the quarter Q3, while Q3 is a very strong quarter for B two C.

如果你還記得的話，我們的董事會在 7 月就已成立了一個指導委員會，其中有一些董事會成員。因此，就您的第二個問題而言，我們都在與不同司法管轄區的監管機構積極合作，該問題與第三季度的時間有關，而第三季度對於 B 和 C 來說是一個非常強勁的季度。

Given that our business is more focused on the corporate side. The third quarter is not really a strong quarter for corporate corporate travel will have giant at March as the strongest quarter because, you know, in this quarter, we've got significant amount of holidays for Diwali and then for Christmas and New year.

鑑於我們的業務更側重於企業方面。第三季度對於企業旅行來說並不是一個真正強勁的季度，三月將是企業旅行最強勁的季度，因為你知道，在這個季度，我們有大量排燈節、聖誕節和新年假期。

So this is the lowest quarter when it comes to business travel.

所以就商務旅行而言，這是最低的一個季度。

Thank you.

謝謝。

Thank you very much. That marks the end of the questions and answers session. I will now hand back over to Manish for any closing remarks.

非常感謝。這標誌著問答環節的結束。現在我將把發言權交還給 Manish，請他做最後發言。

Thank you. Thank you, everyone for joining the call today. As always management is available for follow ups, please feel free to reach out. Thank you all.

謝謝。感謝大家今天參加電話會議。與往常一樣，管理層隨時可以提供後續服務，請隨時聯繫。謝謝大家。

Thank you very much, everyone for joining that concludes today's call. You may now disconnect your lines.

非常感謝大家參加今天的電話會議。現在您可以斷開線路了。

"Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available."

「本記錄中標示（技術難題）的部分顯示有音頻問題。如果有重播的話將會補充缺少的文字。